Negative tone on Wall Street with major indexes in the red as they await tomorrow’s Fed



Red start on Wall Street with the major overseas indexes starting trading below par.

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Negative tone on Wall Street with major indexes in the red as they await tomorrow’s Fed

The Nasdaq index is currently at 11,425 points, down 0.95 percent, while the worst performer is the S&P 500, which retreats 1.23 percent to 3,850 points.

U.S. and non-U.S. traders are looking forward to tomorrow's Fed meeting where the Powell-led institution will most likely announce a 75-basis-point benchmark rate hike for the third consecutive time.

Returning to Wall Street, among the worst stocks are Ford, which is down more than 10 percent after releasing lower-than-expected forecasts for the third quarter 2022 while confirming full-year guidance and analysts are concerned about the impact of higher costs.

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Strong weakness also for Nike, which gives up 4 percent after analysts at Barclays lowered its rating from "overweight" to "equal weight" due to a number of concerns for the company on upcoming earnings.

In contrast, among the best performers is Cognex, which jumps more than 5 percent after raising third-quarter earnings estimates.

Meanwhile, turbulence continues in the bond market with the yield on the 10-year U.S. bond rising to 3.58 percent, while the two-year yield is up to 3.97 percent, at the highest since 2007.

To conclude, the major euro/dollar cross is currently at 0.9982, while the Vix rises 5 percent signaling some investor concern about the current situation.

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